Porforis
15 years ago
http://money.cnn.com/2009/10/15/news/companies/bofa_lewis_salary/index.htm?postversion=2009101519 

NEW YORK (CNNMoney.com) -- In the past, Bank of America Chief Executive Officer Ken Lewis has received an annual salary of $1.5 million. But this year he will get nothing.

That means no salary, no bonuses. In fact, he will have to repay Bank of America Corp. (BAC, Fortune 500) the more than $1 million he has already earned in his final year on the job.

Lewis agreed to the deal on Thursday after the Treasury department's pay czar, Kenneth Feinberg, "suggested" it to him, said Bob Stickler, a spokesman for the bank.

Stickler added that Lewis "felt it was not in the best interest of Bank of America or him to get into a dispute with the pay master."


Lewis, who announced last month that he will retire at the year's end, will still have $53 million in pension benefits waiting for him. The outgoing chief will also have other stock awards and deferred compensation for a total $69 million payout, said Stickler.

Feinberg does not have authority to modify compensation awarded before 2009, which includes Lewis' retirement package and stock holdings from a four-decade career at the bank.

But Stickler asked, "Since when does law apply to this administration?" As a result, he said Bank of America is unsure whether or not Lewis' retirement package is under review by the government.

Wall Street has been waiting for Feinberg to announce rules on compensation at the seven firms that have received large government loans last year as the financial system neared collapse. And while firms are expecting Feinberg to crack down on payouts, a complete cut is bold.

The deal comes before the Charlotte, N.C.-based bank announces its third-quarter earnings on Friday morning. Analysts polled by Thomson Reuters expect earnings per share to decrease by 21 cents from a year ago when they were flat.



I really can't bring myself to believe that this is America. Pro or anti Obama, can someone give me one good reason why it is the role of government to directly dictate people's pay, especially in this kind of borderline threatening manner?
4PackGirl
15 years ago
my guess would be that BOA was involved in the bank bailout plan?

i've worked in banking most of my life. i've observed from within.

big bank mentality is - have the peon's cross-sell products to our customers, puffing up our bottom lines, satisfy the stockholders so they won't mind it so much when i get my multi-million dollar bonus each year.

oh - the bank's in trouble & profits are down? well then let's get rid of the people who actually KNOW finance & hire salespeople. we can get them cheaper & they'll sell more so once again nobody will even notice my big ole bonus each year.

now we're being investigated for not following federal rules for lending? uhhh well let's fire those idiot salespeople - who wanted THEM in the first place anyway? we don't need to replace them - just make the ones left work twice as hard. that will save us tens of thousands in salaries & perhaps i can STILL get away with my bonus this year.

nobody wants less government more than me BUT what's the solution to these greedy mofo's??
IronMan
15 years ago

BUT what's the solution to these greedy mofo's??

"4PackGirl" wrote:



They need to give the money to me. I will spend it wisely on things like beer, strippers, and going to football games!
4PackGirl
15 years ago

BUT what's the solution to these greedy mofo's??

"IronMan" wrote:



They need to give the money to me. I will spend it wisely on things like beer, strippers, and going to football games!

"4PackGirl" wrote:



woot - good call!! πŸ˜‰
Zero2Cool
15 years ago

BUT what's the solution to these greedy mofo's??

"4PackGirl" wrote:



They need to give the money to me. I will spend it wisely on things like beer, strippers, and going to football games!

"IronMan" wrote:



woot - good call!! ;)

"4PackGirl" wrote:



She just saw a new customer with one of those options ... and I don't mean beer, or football games.


POW!!
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zombieslayer
15 years ago


They need to give the money to me. I will spend it wisely on things like beer, strippers, and going to football games!

"IronMan" wrote:



Heh. At least that money will go to Americans. :thumbright:
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zombieslayer
15 years ago



I really can't bring myself to believe that this is America. Pro or anti Obama, can someone give me one good reason why it is the role of government to directly dictate people's pay, especially in this kind of borderline threatening manner?

"Porforis" wrote:



Really? I can't believe my country gave these idiots $700 BILLION. He shouldn't get a God damn penny as far as I'm concerned and I'm glad he's having to pay back his salary. His salary is coming out of MY pocket.
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2010 will be seen as the beginning of the new Packers dynasty. πŸ‡ΉπŸ‡Ή πŸ‡²πŸ‡² πŸ‡¦πŸ‡·
Porforis
15 years ago



I really can't bring myself to believe that this is America. Pro or anti Obama, can someone give me one good reason why it is the role of government to directly dictate people's pay, especially in this kind of borderline threatening manner?

"zombieslayer" wrote:



Really? I can't believe my country gave these idiots $700 BILLION. He shouldn't get a God damn penny as far as I'm concerned and I'm glad he's having to pay back his salary. His salary is coming out of MY pocket.

"Porforis" wrote:



Is it the Bank of America's fault that they were given 700 billion dollars of your money, or the government's? Did the government have a role in creating the problem in the first place? I'm not saying that this guy should make 15 million dollars, or that banks don't take too much profits. My main problem is, where do we draw the line between protecting the consumer and allowing the free market to be free?

Is it wise to have someone that does not need to be elected (a czar) to be able to modify the pay of anybody in the banking industry? Should the government be able to "fire" a CEO of a company? Do you trust the Bank of America to be able to manage their money better than the government?

These are all important questions that I think everyone should consider. Every day I read a new article about ten more things the government wants to regulate or change. We're not all going to agree on what the role of government should be, but I hope we can all realize that this is nothing at all like our founding fathers intended.
zombieslayer
15 years ago
Porfois - Yes, good questions. But let's not forget, it's still our money, not BoA's.

I'm not happy about any of it and wish our stupid government just let those banks fail. Take the 2k hit in the DOW and let the smaller banks and credit unions who were NOT lending money to people without jobs start kicking these corrupt banks' asses. My credit union was turning out profit after profit, despite the recessions. It's simply because they only lent to people who could make the payments.
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2010 will be seen as the beginning of the new Packers dynasty. πŸ‡ΉπŸ‡Ή πŸ‡²πŸ‡² πŸ‡¦πŸ‡·
Formo
15 years ago
This is one of those issues.. Yes, something needs to be done about the greedy corporate CEOs, etc... But Big Government is NOT the answer. The more power you give to them, the less we have. And you are fooling yourself if you think the government will be willing to give the power back... They are as greedy as those corporate CEOs.

I don't know what can be done, as long as we don't just push it aside and let the government 'handle' things.
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